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Breaking News from CNBC's Scott Wapner: Sotheby's Board Currently Meeting in NYC - Source

WHEN: TODAY, THURSDAY, FEBRUARY 27TH

WHERE: CNBC'S "SQUAWK ON THE STREET"

Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.

SCOTT WAPNER: NEW INFORMATION IN THE FIGHT NOW BETWEEN DAN LOEB AND SOTHEBY'S IN A FILING THAT JUST HIT A MOMENT AGO. THIRD POINT SAYS THAT IT WILL NOMINATE THREE MEMBERS TO SOTHEBY'S BOARD OF DIRECTORS THOSE NOMINEES INCLUDING MR LOEB HIMSELF, HARRY WILSON WHO YOU MAY RECALL WAS ON THE YAHOO BOARD HE IS CONSIDERED A TURNAROUND SPECIALIST, HE WENT ONTO THE YAHOO BOARD WITH MR LOEB AND THEN ANOTHER GENTLEMAN BY THE NAME OF OLIVIER REZA HE FORMERLY AN M&A EXPERT WHO NOW WORKS IN THE LUXIRY JEWELRY INDUSTRY AND HERE'S AN INTERESTING NUGGET FOR YOU FROM A SOURCE THAT SOTHEBY'S BOARD IS CURRENTLY MEETING I AM TOLD IN NYC AT THIS MOMENT. SO THEY ARE LITERALLY LEARNING OF MR LOEB'S PLAN TO PUT THREE PEOPLE ON THE SOTHEBY'S BOARD AS THEY ARE SITTING IN THEIR VERY OWN BOARD MEETING IN NYC. AS MANY OF YOU KNOW THIRD POINT IS SOTHEBY'S LARGEST SHAREHOLDER. HE HAS WRITTEN LETTERS, HE HAS ASKED FOR CEO WILLIAM RUPRECHT TO BE REPLACED AMONG A NUMBER OF OTHER THINGS. BUT HE IS STEPPING UP HIS BATTLE WANTING TO GO ON SOTHEBY'S BOARD ALONG WITH TWO OTHER PEOPLE. YOU CAN SEE THE STOCK IS ON THE MOVE. WE WILL CONTINUE TO WORK THIS STORY

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